WINNIPEG, Manitoba--ICE Futures canola contracts were weaker on Tuesday, taking back Monday's gains as losses in Chicago soybeans and soyoil spilled over to weigh on values.
- Chart-based positioning was a feature, as the November contract fell back below its 20-day moving average.
November canola was down C$13.90 at C$781.00 per tonne at the close.
- Crop conditions remain relatively favourable across Western Canada. Moderate temperatures and scattered showers forecast across most of the region over the next week.
- Uncertainty over negotiations to reopen the Strait of Hormuz kept some caution in the markets, with crude oil slightly firmer.
